Global

Details

  • Type: Survey report
  • Date: 6/17/2011

Monetizing mobile: The strategy for retail banks 

The strategy for retail banks
Building a sustainable and achievable retail strategy in the face of a complex and uncertain technology environment isn’t easy. It requires banking executives to be decisive about the objectives they hope to achieve and the route by which they might travel to get there.

“All mobile banking solutions must be created with the customer in mind. Banks cannot lose sight of their targeted end user segments as they develop their strategy.”

- Fred Schneidereit, Partner, KPMG in Germany

Setting objectives for bank mobile

For example, organizations pursuing reputational benefits may want to focus on being first-to-market with mobile solutions in order to demonstrate their innovative nature and customer focus. Others may prefer to set more quantitative objectives around revenue generation and may therefore focus on developing high-value services that merit a premium fee. And those pursuing customer loyalty benefits will want to ensure they are focused on meeting and exceeding their customer expectations.


Central to any strategy for retail banks must – of course – be the customer. Indeed, the ability to accurately assess customer segments, trends, demands and concerns will be critical to creating a strong and valuable mobile payment strategy.

Sustainable mobile banking models

This will involve banks focusing on key strategic elements such as target customer segmentation and product development and management. Equally important will be the ability to translate evolving customer needs into sustainable business models. In our experience, this will require retail banks to move through a number of distinct phases that incrementally build toward a desired ‘target state’.
 

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We encourage you to contact your local KPMG member firm, or email banking@kpmg.com to talk to one of our mobile banking specialists.


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The era of mobile banking and payments is dawning. Find out how mobile will change the way banks and their customers interact.